Expired and Withdrawn Listings Have a Story You Need To Hear
Next, you want to look at pending sales. These are the properties that have accepted offers and have gone to contract, but have yet to close. Real Estate agents will not always give up the sales price on their pending listings, but it never hurts to ask. Look hard at how long each of the pendings was on the market before receiving an acceptable offer and factor that into your pricing strategy as well.
Okay, you’ve got your true comps in hand, you’ve taken a hard look at the expired and withdrawn listings and you also know where other people’s asking prices are, now repeat after me: The only real price is a sold price! What this means is that you still have a lot of factors to consider before arriving at your final asking price and the least of your considerations should be other people’s asking prices. You know, for instance, that every retirement planning guide will factor in the value of your home, but you also know that many people list their homes at unrealistic prices to make up for the short fall in their retirement savings. And, yes, it would be nice to get a year’s private school tuition above the price of your next home, but can you afford to take the losses if your property lingers? So, make up your mind now to set a realistic price for your property based on the facts you have that matter. And chief among those facts is the price that comparable properties sold for.